Both Sides of the Table

OCTOBER 21, 2009

Projected IPOs for 2009 are an embarrassing 10 total deals, down from 86 just 2 years ago (it was 265 in the go-go years of 99-00) but at least up from 6 in 2008. Fred Wilson supports Montgomery’s view in this thoughtful post on the return of the tech IPO market.

Technical Review 241

Technical Review IPO Southern California Venture Capital 241

Startup Lessons Learned

JULY 15, 2010

Lessons Learned by Eric Ries Thursday, July 15, 2010 Some IPO speculation Inspired by Steve Blank’s post today about the “lost decade&# of IPO’s , I’d like to make some predictions. The fact that IPO’s are disappearing makes intuitive sense to me. Let me be clear: Steve is the historian.

IPO 166

IPO San Francisco Lean Silicon Valley 166

VC Adventure

NOVEMBER 20, 2014

The graph below shows the trend of exits – IPO vs. M&A over the past handful of years (side note here that Foundry, like many firms, considers an IPO a financing event, not an exit in and of itself; although obviously it can be a path to an exit shortly thereafter).

IPO 83

IPO Acquisition Distribution Algorithm 83

Agile VC

APRIL 17, 2011

GameFly filed in 2010 and remains in registration, though 2011 has seen a positive start for VC-backed IPOs with 14 in Q1 2011. Now that Google’s acquisition of ITA is closed, following lenghty FTC review, it would appear Kayak is poised to proceed with their IPO in the coming months. =. Quinstreet priced at $15.00/sh

Pre-Money Valuation 113

Pre-Money Valuation Liquidation Preference Dividend Common Stock 113

Agile VC

MARCH 8, 2012

Tech IPOs Are Back – So Now What? Three of the five “blockbuster” tech IPOs I predicted have happened (LinkedIn, Groupon, Zynga) and the biggest of all (Facebook) has filed and will likely go public within the next 90 days. I see several dynamics at work in today’s IPO markets. March 8, 2012.

IPO 100

IPO Silicon Valley Revenue Seed Stage 100

View from Seed

DECEMBER 4, 2019

At the same time, despite some realizations in recent years through M&A, PE acquisitions, and IPOs, the general sense I get from LPs is that the level of distributions don’t quite line up with the unrealized performance. This would suggest that TVPI would be performing well.

LP 256

LP IRR Distribution Portfolio 256

Both Sides of the Table

JUNE 5, 2011

Early-stage investors in technology startups are only looking for growth-oriented companies that can achieve an “exit&# someday – either via selling your company to a larger company or via an IPO. 2007, 2011) and for the hottest of companies and in bad markets for fund raising (2003, 2008) prices test the bottom end of the range.

Pre-Money Valuation 336

Pre-Money Valuation Valuation Silicon Valley Stock 336

Hearpreneur

SEPTEMBER 9, 2022

The project was a little unexpected – creating customer cereal boxes called Obama-Os and Cap’n McCains, timely for the 2008 elections. One of the top five largest IPOs in the world was done by the reformed General Motors in 2010, and the company generated a profit. Thanks to Christopher Andrew, 420 expert advisers ! #18-

Entrepreneur 97

Entrepreneur Bankruptcy Southern California South Africa 97

Feld Thoughts

JUNE 30, 2022

” For perspective, all you need to do is look at a dozen high-flying IPOs from 2020 or 2021 to see that the peak happened just before Thanksgiving. In the last seven months, the venture / entrepreneurial world has gone from “the only thing that matters is massive growth” to “the world is going to end.”

IPO 139

IPO Operations Entrepreneur Marketing 139

VC Adventure

NOVEMBER 20, 2014

The graph below shows the trend of exits – IPO vs. M&A over the past handful of years (side note here that Foundry, like many firms, considers an IPO a financing event, not an exit in and of itself; although obviously it can be a path to an exit shortly thereafter).

IPO 52

IPO Acquisition Distribution Algorithm 52

Both Sides of the Table

SEPTEMBER 29, 2009

Three reasons: There is a relative valuation between the price a VC pays and their expectations of what it will exit for in an IPO or trade sale. Bu when you start to worry that the world is ending (as it seemed it was in late 2008 / early 2009) you tend to get worried about large burn rates. Short answer – yes.

Burn Rate 263

Burn Rate Valuation Pre-Money Valuation Private Equity 263

Cracking the Code

NOVEMBER 10, 2009

While poised with a limited number of transactions this year, the world of public Cloud Computing and SaaS companies has been marked by two events in the past few months: the acquisition of Omniture by Adobe and the high profile IPO of LogMeIn, a leading provider of PC remote access and support with a very interesting freemium model.

Software Review 48

Software Review Technical Review IPO Cloud 48

Both Sides of the Table

OCTOBER 1, 2009

In the first post in this three part series I described why I believe the VC market froze between September 2008 – April 2009. Bad stock markets mean less IPO’s and lower prices for M&A. This has a tangible impact on the valuation of start-ups and the pace of investment.

Technical Review 269

Technical Review Stock Hawaii Early Stage 269

VC Cafe

OCTOBER 13, 2019

Rip Good Times, Sep 2008. Has anything changed since 2008? With the financial crisis meltdown, it was clear that “winter is coming” for startups. Even though VCs are sitting on large cash reserves, many economists indicate a slowdown in 2020 , so it’s prudent to prepare for winter.

Prospectus 140

Prospectus Startup Valuation IPO 140

Feld Thoughts

MAY 28, 2015

For example, from a post in 2008 about Rally’s $16.85m financing , I riffed on the origins of the company. Million To The Boulder Community after their IPO. Congrats to my friends at Rally Software on the announcement that they’ve signed a definitive agreement to be acquired by CA Technologies for $480 million.

Software 70

Software Technology Agile SCRUM 70

Mucker Lab

OCTOBER 12, 2016

Combined with the usual summer slowdown, some are already raising the spectre of 2001 or 2008. Why should a public market downturn determine an investment in a startup that has seven to 10 years to go before it can even think about an IPO? The “venture recession” of 2016 is in full swing.

Harvest 60

Harvest Vertical IPO Early Stage 60

Startup Lessons Learned

OCTOBER 4, 2008

Lessons Learned by Eric Ries Saturday, October 4, 2008 About the author ( Update January, 2010: This post originally dates from October, 2008 back when I first started writing this blog. October 13, 2008 6:47 PM Luke G said. December 4, 2008 4:43 PM Valto said. Eric, love the blog. Connect (off)line? Thanks much.

San Francisco 155

San Francisco Technical Cofounder Fractional CTO CTO 155

Both Sides of the Table

JULY 16, 2010

So as of 2008 total LP commitments were still at nearly $250 billion. Our current fund was raised in 2008/09.] You invest low amounts of capital and the company gets to IPO (96-99) or trade sale (05-08) without raising too much capital and certainly not on punishing terms. The top quartile funds have performed well.

LP 311

LP Technical Review Early Stage Silicon Valley 311

Startup Lessons Learned

NOVEMBER 7, 2008

Lessons Learned by Eric Ries Friday, November 7, 2008 Using AdWords to assess demand for your new online service, step-by-step If you want to build an online service, and you dont test it with a fake AdWords campaign ahead of time, youre crazy. November 7, 2008 7:36 PM nitesh said. November 7, 2008 7:41 PM nitesh said.

Demand 167

Demand San Francisco Lean Continuous Deployment 167

Austin Startup

MAY 10, 2010

Austin-based chip development firm Wintegra updated their 2006 IPO filing on Friday. When it first planned an IPO in 2006 the company had revenues of $31.9M. In 2009 the company had revenues of $28.6M, slightly less than their 2008 revenues. Tags: Enterprise IPO Wintegra. “Sell on the growth,&# I always say.

IPO 59

IPO Texas Valuation Revenue 59

Startup Lessons Learned

OCTOBER 5, 2008

Lessons Learned by Eric Ries Sunday, October 5, 2008 The product managers lament Life is not easy when youre working in an old-fashioned waterfall development process, no matter what role you play. October 6, 2008 12:16 AM Vincent van Wylick said. October 6, 2008 12:17 AM r& said. October 6, 2008 9:02 AM Eric said. @r&

San Francisco 158

San Francisco Management Software Review Product 158

YoungUpstarts

DECEMBER 29, 2014

The IPO market for financial technology companies will start to heat up. According to Accenture, this investment has grown from $930 million in 2008 to almost $3 billion in 2013, and 27 percent of which was early stage capital. Omnichannel payments” are here to stay. Bill Clerico is CEO of WePay.

IPO 236

IPO API Silicon Valley Mobile 236

Startup Lessons Learned

SEPTEMBER 22, 2008

Lessons Learned by Eric Ries Monday, September 22, 2008 The three drivers of growth for your business model. Master of 500 Hats: Startup Metrics for Pirates (SeedCamp 2008, London) This presentation should be required reading for anyone creating a startup with an online service component. Choose one.

San Francisco 167

San Francisco CPA SEM CTO Hire 167

Startup Lessons Learned

SEPTEMBER 15, 2008

Lessons Learned by Eric Ries Monday, September 8, 2008 The lean startup Ive been thinking for some time about a term that could encapsulate trends that are changing the startup landscape. September 11, 2008 2:06 PM Editor said. September 15, 2008 9:19 PM James said. After some trial and error, Ive settled on the Lean Startup.

Lean 168

Lean San Francisco Startup Continuous Deployment 168

Both Sides of the Table

MARCH 1, 2016

.” I suspect that over the next 18 months, they’ll see another phenomenon that they likely haven’t seen since 2008-09: mark-downs of the VCs’ portfolios.

Venture Capital 150

Venture Capital LP Silicon Valley Marketing 150

Startup Lessons Learned

SEPTEMBER 7, 2008

Lessons Learned by Eric Ries Sunday, September 7, 2008 Customer Development Engineering Yesterday, I had the opportunity to guest lecture again in Steve Blank s entrepreneurship class at the Berkeley-Columbia executive MBA program. Warm Regards Sean Murphy www.skmurphy.com September 19, 2008 4:35 PM Eric said. Sure, Id be delighted to.

Customer Development 131

Customer Development Engineer San Francisco Developer 131

Startup Lessons Learned

SEPTEMBER 30, 2008

Lessons Learned by Eric Ries Tuesday, September 30, 2008 What does a startup CTO actually do? October 1, 2008 2:13 AM archenland said. Great article youre now in my rss feeds :) October 2, 2008 4:37 AM kamilski81 said. October 2, 2008 8:58 AM Chad said. October 2, 2008 8:58 AM Chad said. Great piece! Great post!

CTO 168

CTO Fractional CTO CTO Hire Technical Review 168

Altgate

JUNE 25, 2012

Facebook’s IPO minted many millionaires and even billionaires. Facebook’s situation is far from unique, even among recent tech IPOs. We analyzed the dead-equity data from a total of 733 tech startups: 257 from our 2008 survey and 476 from the 2011 survey. The graph below compares the value of dead equity in 2008 and 2011.

Equity 44

Equity Vesting Cap Table Technical Review 44

Pascal's View

AUGUST 12, 2009

It boggles the mind that Washington would enact new policies sure to prolong this (IPO) drought and strike at the heart of American innovation.” IPO drought testifies to a systemic liquidity crisis for emerging growth companies that is putting at risk an entire generation of innovative American companies. years as of year-end 2008.

IPO 28

IPO Silicon Valley Merger Sweat Equity 28

This is going to be BIG.

JUNE 19, 2012

6/15/2008 – Application network of its own apps plus agency business plus ad network. 10/26/2008 – Agency business and branded applications – No more ad network or mention of their own apps. Buddy Media can build an application and drive 1 million users in just a few months.

Software 105

Software Media Social Media Advertising 105

Startup Lessons Learned

OCTOBER 20, 2008

Lessons Learned by Eric Ries Monday, October 20, 2008 The engineering managers lament I was inspired to write The product managers lament while meeting with a startup struggling to figure out what had gone wrong with their product development process. October 20, 2008 9:34 PM Nivi said. October 20, 2008 10:36 PM Nathan said.

Software Review 164

Software Review Engineer Management Technical Review 164

Lightspeed Venture Partners

DECEMBER 13, 2013

We are fortunate to be early investors and partners to the company, having made our initial investment during the depths of the global financial collapse in late 2008. Nimble successfully completed its IPO on the NYSE today – a testament to the team’s vision and execution. 2013 startups Storage IPO Nimble Storage startup'

Flash 87

Flash IPO Global Software 87

Startup Lessons Learned

NOVEMBER 4, 2008

Lessons Learned by Eric Ries Tuesday, November 4, 2008 Principles of Lean Startups, presentation for Maples Investments Image via Wikipedia Steve Blank and I had the opportunity to create a presentation about lean startups for Maples Investments. How dare you! =) November 4, 2008 10:58 PM IMVU said. Excellent ideas!

Lean 102

Lean San Francisco Agile Continuous Deployment 102

Austin Startup

AUGUST 9, 2021

During this time, Downs also was a key part of the industry’s most successful IPO and played a key M&A role in a highly acquisitive environment. In 2008, he co-founded a first-to-market payments company, Century Payments, and was one of the pioneers in driving security and payments monetization for software and SaaS companies.

Revenue 72

Revenue Georgia Texas Colorado 72

Pascal's View

SEPTEMBER 7, 2009

I believe that, if he understood the reality of the venture capital industry today and its inextricable link to the Initial Public Offering (IPO) drought, his otherwise well-written article would have taken a markedly different direction. business model that drives job growth in emerging growth companies is IPOs. More on this below.

IPO 38

IPO Venture Capital America Marketing 38

Both Sides of the Table

APRIL 2, 2010

A 1997 vintage is likely to perform much better than a 2000 vintage because the former got to ride the dot com bonanza and likely saw some quick IPOs and crazy trade sales while the latter is more likely filled with many companies that never reached the promise land (or are still trying). Why does vintage matter to you?

Venture Capital 269

Venture Capital Balance Sheet Early Stage Software Review 269

Startup Lessons Learned

SEPTEMBER 15, 2008

Lessons Learned by Eric Ries Monday, September 15, 2008 The one line split-test, or how to A/B all the time Split-testing is a core lean startup discipline, and its one of those rare topics that comes up just as often in a technical context as in a business-oriented one when Im talking to startups. September 15, 2008 9:12 PM Hitchens said.

San Francisco 166

San Francisco Lean Technical Review Continuous Deployment 166